Posts in category 'Bend Oregon Real Estate Trends'
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Bend Oregon Real Estate | May 2023 Trends
Bend Single Family Home Sales Figures Remain Mixed
The May 2023 Bend real estate sales have been published and reflect a market in transition. Inventory levels are growing, but a strong seller's market remains. High mortgage interest rates continue to impact buyer's purchasing power and while average home prices are down slightly, they are not at a level that would significantly affect most Bend home buyers. As we enter our summer peak selling season, the question on how mortgage rates and inventory levels will reflect in 2023 home sales will be answered.
When May 2023 Bend single family home sales on less than an acre are compared with those from May of 2022, the following changes can be noted:
- Average sales price down 3.1% to $861,432
- Median sales price up .8% to $746,250
- New listings down 26.7% to 222
- Homes for sale down 21.1% to 265
- Pending sales down 21.8% to 172
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Bend Oregon Real Estate | April 2023 Trends
Bend Home Sales Take a Downward Turn
The Bend real estate market has been on a roller coaster over the past few years. The Covid-19 pandemic triggered a massive boom in Bend single family home sales, resulting in multiple offers, dramatic price increases, and limited inventory. However, since the peak in home prices the summer of 2022, home prices and home sales have dropped, inventory levels, days on market and interest rates have risen while new homes hitting the market are significantly down. Many Bend homebuyers cannot find property that meets their needs. While more homes are on the market, the numbers are still not at balanced levels with less than 2 months of inventory. If we throw into the mix the shifting mortgage interest rat...
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Is it a Good Time to Buy or Sell a Bend Oregon Home?
Bend Home Buyers and Bend Home Sellers Have a Different Perspective
After months of seeing record breaking prices where multiple offers, bidding wars, and buyer panic was the norm, we are finally seeing this historic balance between buyers and sellers start to reverse both nationally and in our Bend Real Estate market. The major reason for this… Buyers have simply had enough! Although those saying it's a good time to sell reached another record high according to a recent Fannie Mae survey, home sellers saying it's a good time to buy also reached an all-time low. We are certainly seeing this trend locally as well with an end to the recent "panic" buying and even a lot of "price improvements" as buyers are no longer willing to pay thousands or even tens of thousands of dollars over asking price.
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